The world is facing profound economic challenges — global supply shortages caused by pandemic and war — that defy the ability of economic policymakers to solve through clever management of spending or interest rates.
Treasury Secretary Janet Yellen last week. Photo: Al Drago/Bloomberg via Getty Images
Those sorts of crises are hard, but at least are responsive to the kinds of policy changes that finance ministers and central bankers can enact. Think of the global financial crisis and countless emerging market debt crises. The fund reduced its 2022 global growth projection by 0.8 percentage points, to 3.6%. It increased its 2022 inflation projection by 1.8 percentage points for advanced economies and 2.8 percentage points for emerging markets.
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